Over 58% of American businesses have international customers. If you own a small business, finding a way to expand into the global market is probably one of your top concerns. A successful expansion will allow you to grow both your bottom line and your customer base.
However, if a global expansion is not properly planned, it can result in a number of mistakes being made. Rather than dealing with issues like profit loss or the inability to provide great service to new international customers, you need to get your ducks in a row before expanding.
Read below for some tips on how to break into the global market.
1. Global Market Analysis is Crucial
One of the first things you need to do before trying to expand your business globally is to perform some market research. Establishing there is a need for the products/services you offer can help you avoid wasting money in slow markets.
The best way to assess the need for your products/services in a particular foreign market is by looking for competitors in this market. If there is a company offering similar products/services, you need to figure out how successful they have been.
If it looks like your competition is thriving in the global market, chances are you could make some money by offering similar goods and services. Using both your own knowledge and secondary data sources, you can determine how well your company stands to do in a global market.
2. Putting the Right Team in Place
Some business owners fail to realize how much work is involved in expanding the base of operations. Without the right amount of help, accomplishing your goal of successfully entering the global market will be nearly impossible. This is why putting together the right team is so important.
Finding people with experience to help you handle the business you receive in a new market is something you should view a priority. Providing these individuals with the right tools is crucial when trying to set them up for success.
Tools like cloud-based project management software and document translation programs can come in handy during the expansion into global markets. The money invested in these tools will be worth it considering the increased productivity and efficiency they provide.
3. Make Customer Service Your Top Priority
As you start to attract new customers in a foreign country, you need to make sure they are well taken care of. Allowing the level of customer service offered to decline can be disastrous.
This is why you need to develop a manual that details how each customer should be handled. Putting this in writing will allow you to answer any questions new employees may have.
It Is Time to Get to Work
As you can see, expanding into a global market is not easy. With proper planning and the help of great employees, having success in a new market is achievable.
Are you looking for more information on how to grow your small business globally? If so, check out the rest of the blogs on our website and learn how to expand a company internationally on a frugal budget.
